#USA #Camarillo #Cell Therapy #PBS Biotech #Bioprocessing

PBS Biotech Expands Leadership Team and Secures $17 Million in Growth Capital

PBS Biotech, a prominent name in the biopharmaceutical industry, has recently secured a significant funding boost of $17 million from Avego Management, LLC and BroadOak Capital Partners. This financial support aims to expedite the delivery of next-generation cell and regenerative therapies. With a focus on innovation and process development, PBS Biotech is set to enhance its offerings, aiming to meet increased market demand and deliver life-saving therapies more efficiently.

The funding is strategically aimed at improving existing products and expanding operational capabilities across various facets, including facilities, quality assurance, and commercial endeavors. The company is currently in the process of enhancing its ISO 9001:2015 manufacturing capacity, which is expected to be completed by mid-2025, positioning PBS Biotech to achieve over $100 million in annual revenue. This expansion will be crucial as the company steps up from clinical trials to securing regulatory approvals and commercial release.

In addition to the funding, PBS Biotech is pleased to announce the addition of two seasoned professionals to its leadership team: Terrell Mathews as Chief Commercial Officer and Erik Wiberg as Chief Financial Officer. Terrell Mathews brings two decades of experience in global customer engagement through sales and marketing, while Erik Wiberg adds over 25 years of financial expertise in the life sciences and technology sectors. Together, they are expected to drive strategic growth, fortify the company's market presence, and improve customer support through geographical expansion and the development of new products and applications.

Dr. Brian Lee, the CEO of PBS Biotech, expressed enthusiasm over these remarkable developments, stating, "These milestones signify an exhilarating new chapter for PBS Biotech. The ongoing support from Avego and BroadOak reflects the trust our investors place in our technology and market potential. Moreover, with Terrell and Erik onboard, we are equipped with unparalleled expertise to address the increasing demands of the cell and gene therapy landscape."

At the heart of PBS Biotech's operations is its patented Vertical-Wheel® bioreactors. This technology has shown exceptional capabilities in producing therapeutic cells intended for regenerative medicine applications, particularly for patients suffering from chronic conditions such as diabetes, cancer, and heart disease. The company’s vision is to serve as a cornerstone for businesses creating the next wave of cell therapies, with an ultimate goal of providing solutions that substantially improve patients' quality of life.

About PBS Biotech

PBS Biotech focuses on manufacturing single-use bioreactor systems and offering process development services. The company's unique Vertical-Wheel® technology facilitates homogeneous and scalable mixing conditions tailored for sensitive cell therapy products and cell culture processes. PBS Biotech aspires to set the global benchmark for allogeneic cell-based therapies. For more information, visit pbsbiotech.com.

About Avego Management, LLC

Founded in 2015, Avego Management is an investment firm with a strategic focus on healthcare innovations. With operations in New York and Georgia, Avego pursues growth through private equity, venture capital, and long/short investments in cutting-edge healthcare undertakings. To learn more, visit avego.com.

About BroadOak Capital Partners

BroadOak Capital Partners is a boutique financial institution specializing in investment and advisory services for the life sciences sector. With a robust portfolio of investments in over 70 companies, BroadOak is committed to fostering innovation in research tools, diagnostics, and biopharma services. Discover more at broadoak.com.